Core Viewpoint - Aokai Electric (HK2580) reported a total revenue of 20.085 billion RMB for the first half of 2025, marking a year-on-year increase of 16.7%, with net profit attributable to shareholders reaching 1.873 billion RMB, up 5.1% year-on-year [1][2] Revenue Breakdown - The majority of Aokai's revenue comes from air conditioning, with home air conditioning contributing 17.915 billion RMB, accounting for 89.2% of total revenue, which is a 17.3% increase from the previous year [1][3] - Among home air conditioning sales, wall-mounted units generated 15.386 billion RMB, representing 76.6% of the segment, while cabinet units and mobile air conditioners contributed 2.338 billion RMB and 0.190 billion RMB, respectively [3] - Central air conditioning accounted for 1.922 billion RMB, or 9.6% of total revenue, with a year-on-year growth of 15.0% [3] Brand Performance - Aokai's main brand generated 9.956 billion RMB, making up 49.6% of total revenue, with a year-on-year increase of 15.2% [5] - The sub-brands Huasuan and AUFIT generated 0.503 billion RMB and 0.516 billion RMB, respectively, together accounting for only 5.1% of total revenue, with Huasuan experiencing a significant decline of 39.5% year-on-year [5][4] ODM Business Growth - Aokai's ODM (Original Design Manufacturer) revenue reached 8.861 billion RMB, representing 44.1% of total revenue and an 18.8% increase year-on-year, becoming a key growth driver for the company [4][5] - The overseas market revenue from ODM grew significantly, with Asia (excluding China), Europe, and South America showing increases of 34.5%, 27.8%, and 55.7%, respectively [5][6] Market Dynamics - The Chinese market remains the largest contributor, generating 9.246 billion RMB, accounting for 46.0% of total revenue, although this is a decrease of nearly 5 percentage points year-on-year [6][7] - The overall air conditioning market in China saw a double-digit growth in sales volume and revenue, contrasting with Aokai's slower growth in the domestic market [6] Financial Metrics - Aokai's gross margin for the first half of 2025 was 19.5%, down from 21.1% in the same period of 2024, attributed to a strategic optimization of order mix and increased sales through ODM [7][8] - The company's R&D expenditure remains low, at only 1.6% of total revenue, compared to sales and administrative expenses which are higher [8] Stock Performance - Aokai was listed on the Hong Kong Stock Exchange on September 2, 2023, with a net amount raised of 3.9935 billion HKD, but the stock price has declined approximately 15% since its debut [8][9]
奥克斯电气上市后首份中报揭隐忧：九成收入依赖空调，性价比子品牌华蒜营收骤降近四成